Newest HSBC Promotions May 2020: Best Offers and Bonuses Worth Up To $2,000

HSBC, short for Hongkong and Shanghai Banking Corporation, operates branches around the world and in major U.S. metro areas in New York, Washington, California, Illinois, Georgia, Texas, Florida and the District of Columbia. Like most banks, HSBC runs regular promotions to win new customers.

A recent GOBankingRates survey found that many Americans choose convenience over promotional deals when selecting a new bank. In the case of HSBC bonuses, these people are missing out in almost $4,000 in free cash. Keep reading to learn how to take advantage of HSBC’s May 2020 promotions.

HSBC Promotions at a Glance

HSBC’s promotional offers are some of the most lucrative you’ll find in the banking industry. Here’s an overview:

Best HSBC Promotions: May 2020

Account

Cash Value of Bonus

Expiration Date

HSBC Welcome Deposit Advance Checking Promotion

$225

June 29, 2020

HSBC Welcome Deposit Premier Checking Promotion

$475

June 29, 2020

HSBC 3% Advance Checking Promotion

Up To $270

June 29, 2020

HSBC 3% Premier Checking Promotion

Up To $700

June 29, 2020

HSBC Referral Bonus Promotion

Up To $2,000

Aug. 1, 2020

Current HSBC Promotions

HSBC’s latest bonuses can get your new account off to a good start — and you won’t need special HSBC coupons or other sign-up tricks to earn the cash. HSBC is running two different types of promotions for opening a checking account. One type pays flat-rate cash bonuses while the other pays cash bonuses based on a percentage of your deposits. Before deciding on which type, evaluate your likely deposits to determine which offer might pay you a higher amount.

Here are all the details for the May 2020 HSBC promotional offers:

Save for Your Future

Sponsors of

HSBC Welcome Deposit Advance Checking Promotion: $225 Cash Bonus

To earn the cash bonus for this promotion, you’ll need to open a new checking account with HSBC and receive your paychecks or benefits via direct deposit. Here’s more:

Cash value: $225

Minimum deposit to qualify: None

Expiration date: June 29, 2020

How to get it: Open an account online and set up at least $500 per month in direct deposits for three straight months.

When you’ll get it: Within eight weeks after you complete the requirements in the first three months

Terms and conditions: You must click on “Apply Now” on the promotional page to qualify.

Monthly fees: $25 if you don’t maintain direct deposits or a balance of at least $5,000

HSBC Welcome Deposit Premier Checking Promotion: $475 Cash Bonus

HSBC’s Premier Checking is the bank’s top-tier account. You’ll receive preferential rates on loan and savings products and a $475 cash bonus when you open an account and set up direct deposits. Here are the requirements:

Cash value: $475

Minimum deposit to qualify: None

Expiration date: June 29, 2020

How to get it: Open an account online and receive at least $5,000 per month in direct deposits for three straight months.

When you’ll get it: Within eight weeks after you complete the requirements in the first three months

Terms and conditions: You must click on “Apply Now” on the promotional page to qualify.

Monthly fees: $50 if you don’t maintain direct deposits of at least $5,000, an HSBC mortgage of $500,000 or more or a balance of at least $75,000

HSBC 3% Advance Checking Promotion: Up To $270 Cash Bonus

This promotion is similar to the Welcome Deposit Advance Checking promotion in that you can earn cash for opening an account. However, you’ll have the chance to earn a larger bonus with this promotion if you receive at least $1,500 per month in direct deposits. HSBC will pay you 3% on your direct deposits as a bonus (up to $50 per month) for the first six months, with a cap of $270. Here are the details:

Cash value: Up to $270

Minimum deposit to qualify: None

Expiration date: June 29, 2020

How to get it: Open an account online and set up at least $500 per month in direct deposits for three straight months. To maximize your bonus earnings, choose this offer if you receive at least $1,500 per month since you’ll be paid 3% on your direct deposits.

When you’ll get it: You’ll receive each month’s bonus within eight weeks after the statement closes.

Terms and conditions: Click on “Apply Now” on the promotional page to get started. You’ll receive a maximum of $50 per month for the first six months until you reach the $270 total.

Monthly fees: $25 if you don’t meet the direct deposit requirements or maintain a minimum balance of $5,000

HSBC 3% Premier Checking Promotion: Up To $700 Cash Bonus

To get the full $700 cash bonus, you’ll need to receive at least $5,000 per month in direct deposits. If you can’t decide between this 3% HSBC offer or the flat-rate $475 Welcome Bonus, consider this: Monthly direct deposits of $2,650 or more for the first six months will earn you more than the $475 welcome bonus. Here are the terms:

Cash value: Up to $700

Minimum deposit to qualify: None

Expiration date: June 29, 2020

How to get it: Open an account online and set up direct deposits. You’ll earn 3% per month for the first six months on your direct deposits, with a maximum monthly bonus amount of $120.

When you’ll get it: You’ll receive each month’s bonus within eight weeks after the statement closes.

Terms and conditions: Click on “Apply Now” on the promotional page to get started.

Monthly fees: $50 if you don’t make direct deposits of at least $5,000, have an HSBC mortgage of $500,000 or more or a maintain a balance of at least $75,000

HSBC Referral Bonus Promotion: Up To $2,000 Cash Bonus

If you have a lot of friends and family members, you can earn considerable cash when you refer them to HSBC. It’s a win-win situation — you’ll receive $100 for every successful referral, and your friend or family member will receive the following bonuses:

Save for Your Future

Sponsors of

Choice Checking: $100

Advance Checking: $250

Fusion Business Checking: $300

Premier Checking: $500

Here’s more on how the referral promotion works:

Cash value: $100 per referral, up to $2,000 per year

Minimum deposit to qualify: None

Expiration date: Aug. 1, 2020

How to get it: Log in to your account to generate a referral code and then send the code to friends and family. They must open an account over the phone or at a branch.

When you’ll get it: You’ll receive the bonus eight weeks after the referred customer opens an account.

Terms and conditions: The account must be opened in person at a branch or by calling the phone number that comes with the referral code.

Opening an HSBC Account

If you’re at least 18 years old and either a U.S. citizen or a U.S. resident for at least two years, you can open an account by visiting a local branch or by using the online form. Here’s what you’ll need to provide:

Contact information

Social Security number

Date of birth

Employment information

Government-issued photo ID such as a driver’s license, state ID, permanent residence green card or passport

The funds required to open an account in person by using cash, a check, or a debit or credit card; or by providing your banking information online — including the routing number and bank account number — to transfer funds from an existing account

Are the HSBC Promotions Worth a Switch?

HSBC promotions are definitely worth a switch if you like the idea of free cash for opening an account. You’ll get access to a a variety of banking products and services, and if you’re a frequent traveler you can benefit by using HSBC’s worldwide network of ATMs and branches. If you have a Premier checking account, you’ll also get refunds of all ATM fees for transactions at out-of-network ATMs.

Information on promotions is accurate as of April 21, 2020. Additional requirements may apply. Offers and terms are subject to change.

This content is not provided by HSBC . Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by HSBC.

Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.